HRZN vs OCSL: Correlation
Measured on weekly returns over the past three years, Horizon Technology Finance Corporation (HRZN) and Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRZN and OCSL?
On 3 years of weekly data the HRZN/OCSL correlation comes out at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.44 over 3 years. The 5-year figure is 0.48, and annualized covariance runs at 314.7 %².
Among the 16 assets we track against HRZN, OCSL ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OCSL outperformed by 20.0 percentage points (-14.6% for HRZN against +5.4% for OCSL). One caveat on sizing: HRZN is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HRZN vs OCSL: side by side
| HRZN (Horizon Technology Finance Corporation) | OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -14.6% | +5.4% |
| 5-year return | -44.7% | +5.8% |
| Volatility (ann.) | 32.9% | 21.7% |
| Beta vs S&P 500 | 0.55 | 0.62 |
| Max drawdown (3Y) | -59.4% | -34.2% |
| Market cap | $0.3B | $1.1B |
| P/E (trailing) | 13.0 | 27.0 |
| Dividend yield | 23.38% | 11.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRZN | OCSL |
|---|---|---|
| 2022 | -19.7% | +3.7% |
| 2023 | +27.0% | +11.3% |
| 2024 | -22.9% | -15.1% |
| 2025 | -14.4% | -6.1% |
| 2026 | -14.7% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRZN and OCSL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HRZN and OCSL?
The HRZN/OCSL correlation stands at 0.44 on a 3-year window (1 year: 0.30, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is OCSL a good diversifier for HRZN?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hrzn-vs-ocsl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hrzn-vs-ocsl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HRZN correlations · OCSL correlations
